- Shutterstock/Jon Bilous
The Philadelphia Federal Reserve’s manufacturing index unexpectedly fell in July, although most of its sub-componenets showed improvement.
The headline index came in at -2.9 for July. Economists had forecast that it dipped to 4.5 from 4.7, according to Bloomberg.
But beyond the headline, the indicators for new orders and shipments were positive, while employment was flat for the month.
Company responses reflected an improvement in their business outlook for the next six months.
This month, the Philly Fed’s special question to business owners is on the importance of seasonal factors in monthly production levels.
Most firms said seasonal factors were not significant. And of those that had seasonal patterns affect them, 57% said their effects have not changed over time, while 30% thought they were less important.